Fortinet (NASDAQ:FTNT) Price Target Raised to $85.00

Fortinet (NASDAQ:FTNT) had its price objective increased by Wells Fargo & Company from $80.00 to $85.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the software maker’s stock.

FTNT has been the subject of several other research reports. Cantor Fitzgerald increased their price objective on shares of Fortinet from $88.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday. Citigroup upped their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Stifel Nicolaus upped their price target on shares of Fortinet from $84.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upped their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $88.93.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $92.77 on Tuesday. The company has a market cap of $71.10 billion, a price-to-earnings ratio of 46.85, a PEG ratio of 2.71 and a beta of 1.00. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.34 and a quick ratio of 1.25. The firm has a 50 day simple moving average of $82.45 and a 200 day simple moving average of $70.30. Fortinet has a one year low of $50.65 and a one year high of $100.59.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now directly owns 4,689 shares in the company, valued at $425,901.87. This trade represents a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,095 shares of company stock valued at $4,058,575. Corporate insiders own 18.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Eagle Capital Management LLC grew its position in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock worth $1,999,000 after purchasing an additional 141 shares in the last quarter. OneDigital Investment Advisors LLC grew its holdings in shares of Fortinet by 3.9% in the third quarter. OneDigital Investment Advisors LLC now owns 3,782 shares of the software maker’s stock valued at $293,000 after acquiring an additional 141 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the last quarter. Crewe Advisors LLC lifted its holdings in Fortinet by 8.8% during the third quarter. Crewe Advisors LLC now owns 1,958 shares of the software maker’s stock worth $152,000 after acquiring an additional 158 shares during the period. Finally, Private Wealth Management Group LLC boosted its position in Fortinet by 73.3% in the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

About Fortinet

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.